The 20 Percent Downpayment Is A Rarity Today

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April 07, 2017

According to the February edition of the Realtors Confidence Index Survey Report, 80 percent of first-time buyers who obtained a mortgage and 62 percent of all buyers with a mortgage made a downpayment of less than 20 percent.

The Economists’ Outlook blog notes that 65 percent of first-timers made a downpayment between 0 and 6 percent. The share was down from 74 percent in June 2009.

One reason for the dip is that buyers might not be aware that they can make a super-low downpayment.

NAR’s 2016 Q3 Housing Opportunities and Market Experience (HOME) Survey found that only 13 percent of those aged 34 or under believe they need a downpayment of five percent or less.

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